Tenants paying the rent on time might be a wonderful thing but it rarely happens. Of course, they might start off with the payments but they soon become lackadaisical to stick to what was accepted in the rental agreement.
Here are 4 tips to get them to pay the rent on time:
This is an excellent incentive to get tenants to pay their rent early. A $50 concession on rent, gift card, discount on the following month’s rent or even credit towards their utility bills are good idea to try. This will certainly work wonders if you try them.
2: Penalties for Late Rental Payment
While you can offer a bonus, a penalty for late payments also are as effective. It’s a good idea to include a late penalty along with the rental agreement. Of course, how you enforce this is really up to you. You can file for eviction over a $40 late fee even if that is a bit extreme. Yet you will not have the same problem again.
3: Report Late Rental payments to Credit Bureaus
Tenants would like protect their credit ratings. There’s no doubt about that. So, if they know that late rental payments are being reported to credit bureaus, then they’re most likely to pay up and on time too. In fact, this works as an incentive to pay on time or even much earlier.
4: Rental Inspections Are a Must
It’s imperative that you check on your rental properties as often as possible to ensure that you track how your property is being treated by the tenants. This will also be useful in ascertaining whether there are rental violations or not. Not only will they be forced to keep the property clean but it will send the message that you are a serious landlord.